Dismissing Revenue’s appeal, Tribunal held that even though no specific provision is provided in the Act in respect of carry forward and set off of MAT credit in respect of demerger, the credit for such MAT credit needs to be allowed to the assessee, and not to the demerged Company (SEZ units). (AY. 2014-15)
DCIT v. TCS E-Serve International Ltd. (2019) 182 DTR 273 / 201 TTJ 997 (Mum.)(Trib.)
S. 115JAA : Book profit-Deemed income-Tax credit–Demerger of SEZ units–Tribunal Order-MAT credit needs to be allowed to the assessee-not to the demerged company (SEZ units) even though the same arose on account of SEZ units. [Companies Act, S.391]